Your current home doesn’t have enough space to reasonably accommodate your new home-based business. As such, you need to move into a home that better meets your needs. You might think it’s nearly impossible to start a new business while moving, but it’s more than possible when you have a solid game plan in place.
The Screening Guy invites you to employ the steps below to help you stay on track as you seek new accommodations for your startup business.
Know How Much You Can Afford
When you’re planning how to move into a new home and start a home-based business at the same time, The Motley Fool notes that you need to know how much home you can afford. To do this, determine how much you can take out of your current budget to make a down payment.
While you can start a home-based business and live in your new home all at the same time, you might want to consider renting to start.
Money Under 30 explains that renting can help you save up the money you need to make a down payment, pay off high-interest debt, build up your emergency fund, and afford basic monthly expenses, like your mortgage payment and basic utilities.
Get Pre-Approved for a Loan
Now that you have a rough idea of how much you can afford, it’s time to talk about loans. Getting pre-approved for a loan is simply having a lender determine how much you can reasonably afford on a monthly payment basis.
Lenders usually want you to submit your income, debts, and monthly expenses. That way, they can determine if you’re likely to be able to repay the loan on time, which is the first step to getting a loan approved.
Find a Real Estate Agent
After you’ve gotten pre-approved for a loan and a loan agent has determined that you can comfortably afford a monthly payment, it’s time to find a real estate agent. Real estate agents typically handle all of the marketing for homes that are for sale. What you want from them is to find properties that you can buy.
Search for a Home Online
You can use sites that show you homes that are right for you. Many sites let you apply filters that present homes according to your search parameters. This includes sorting by size, type, and square footage.
Marketing Your Business
After you have settled into your new space, it is time to start building brand awareness. A memorable logo is a great way to start this process. A strong logo can help you make a first impression with potential clients in your local area. A well-designed logo can help you stand out among the many competitors, depending on where you are moving to.
You are a new owner of a business and want to cut costs as much as you can. So instead of paying someone to design your logo, you can make it yourself online with logo makers. With a logo maker, you have many logo options available. You can also adjust every aspect of the logo, from color and text to images or icons.
As it pertains to the other many and varied aspects of marketing, you may feel the need to beef up your business skillset. A proven way to do this is by taking business classes, especially if the courses are geared to lead to a college-level degree. Consider taking online classes from an accredited university like WGU.edu to get the latest understanding of concepts like accounting, management, entrepreneurship, and, of course, marketing.
You might consider forming a DBA
Small business owners looking to expand their reach and sell additional products under a different brand name can use a “DBA” (or Doing Business As) as their business entity. DBAs allow you to market your brand under another name in the unlikely event that your domain is unavailable.
With these tips in mind and the tools in hand, moving and starting your own business becomes very doable. It’s possible to juggle both monumental tasks if you stick to your plan and carry through. You’ll soon be working from your new digs with the wind at your back!
The Screening Guy offers resources for landlords and property managers to better understand the law and improve landlord-tenant relations. Reach out for more info today!